IYR closes higher for the 2nd day in a row
iShares U.S. Real Estate (IYR) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IYR finished the month 1.8% higher at 78.81 after gaining $0.89 (1.14%) today.
Daily Candlestick Chart (IYR as at Jun 30, 2020):
Tuesday's trading range has been $1.54 (1.97%), that's below the last trading month's daily average range of $2.07. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IYR.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, IYR actually lost -1.99% on the following trading day.
After spiking up to 79.24 during the day, the ETF found resistance at the 100-day moving average at 79.00.
IShares U. S. shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 100" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for iShares U. S.. Out of 20 times, IYR closed higher 65.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after five trading days, showing a win rate of 70.00% with an average market move of 0.24%.